LM Funding America, Inc. reported holding 142.3 Bitcoins valued at $12.4 million with improved mining

From GlobeNewswire: 2024-11-13 09:54:00

LM Funding America, Inc. (NASDAQ: LMFA) reported holding 142.3 Bitcoins valued at $12.4 million on September 30, 2024, with a digital mining cost of revenues showing substantial improvement. CEO Bruce Rodgers emphasized a shift to a vertical integration strategy, focusing on low-cost power locations. The company’s net loss for Q3 was $4.8 million.

Ryan Duran was appointed President of US Digital Mining and Hosting Co LLC, a subsidiary of LM Funding, to drive the vertical integration strategy. Quarterly operational highlights included mining 18.5 Bitcoins in Q3, generating $1.1 million in revenue. Digital mining revenue decreased to $1.1 million due to reduced mined volume after the April halving event.

Financially, LM Funding reported a net loss of $6.4 million for Q3 2024, with Core EBITDA showing a loss of $1.6 million. Revenue decreased to $1.3 million, with operating expenses down to $5.7 million. The company closed the quarter with $14.9 million in cash and Bitcoin, remaining optimistic about Bitcoin’s financial prospects.

LM Funding will host a conference call on November 13, 2024, to discuss financial results and corporate progress. The company operates as a cryptocurrency mining business and a technology-based specialty finance company, providing funding to nonprofit community associations. Forward-looking statements indicate potential risks and uncertainties in the cryptocurrency mining industry.



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